In a significant development, the United States and China have made “substantial progress” towards a trade agreement intended to reduce the U.S. trade deficit, following two days of high-level negotiations in Geneva. U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and other Chinese officials, marking the first direct talks since the imposition of steep tariffs exceeding 100% on bilateral trade.
While specific details of the agreement are expected to be disclosed on Monday, the preliminary deal aims to address the $1.2 trillion U.S. global goods trade deficit, including a $295 billion deficit with China. The negotiations come after a series of escalating tariffs, with the U.S. imposing up to 145% tariffs on Chinese imports and China responding with reciprocal tariffs.
President Donald Trump described the outcome as a “total reset” of U.S.-China trade relations, emphasizing the importance of opening Chinese markets to American businesses. The talks, held at the villa of Switzerland’s U.N. ambassador, were conducted in a friendly and constructive manner, according to officials.
Despite the progress, challenges remain. China has expressed caution, emphasizing the need to protect core principles and global equity. Analysts note that while the agreement may offer temporary relief, a swift resolution to the trade rift is unlikely due to structural economic differences between the two nations.
The agreement is part of broader efforts by the Trump administration to finalize trade deals ahead of a July 8 deadline to prevent further tariff increases. Officials plan to release further details of the negotiations on Monday.
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